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Newport Tower in Jersey City sells for $377.5 million, biggest office property sale in state history says seller Brookfield Office Properties
Newport Tower, the 36-story, Jersey City home to Bank of America and AXA Equitable, has been sold for $377.5 million, the biggest price tag the state has ever seen for an office property, according to the seller, Brookfield Office Properties of New York.
Multi-Employer Property Trust, a Washington-based real estate equity fund, agreed to buy the building from Brookfield and closed on Tuesday, after about 10 days of negotiations, said broker Jeffrey Dunne of CB Richard Ellis.
He took the lead on negotiating the deals terms on behalf of Brookfield and said the record-setting sale is a good sign for the Gold Coast.
“Thats enormous for them to put that kind of money into New Jersey. Its a good thing,” said Dunne, “and kind of unusual. But it means people have a positive outlook for Jersey City.”
Multi-Employer Property, which represents numerous pension funds, has said it will retain Richard Ellis to manage the buildings leasing.
Roth IRA for education
The word college always rings a bell in every parent’s mind, right? No, its not about the good times you had while you were there, it is about the money you will have to somehow come up with so that you can pay for your kids’ college education. Yes, paying tuition fees for your child is a quite a worrisome thing. But if you have a roth ira account, you need not have the slightest worry about funding for college. There are very few roth-ira.org account holders who are aware of this particular benefit they are very much entitled to.
Using the usual bank loan for college funding is not a good idea anymore because of the high interest rates and also because the money withdrawn from a roth ira is tax-free! The Read more…
Insider Trading Sentence for Raj Rajaratnam Longest in History
Raj Rajaratnam’s insider trading sentence of 11 years is the longest in U.S. history. The hedge fund executive was the ring leader of the largest case in history as well, so perhaps the extraordinary punishment fits the crime. Of course, it is less than half of the 24 and a half-year sentence prosecutors asked for. How will this news impact the Wall Street protests?
U.S. District Judge Richard J. Holwell said, “His crimes and the scope of his crimes reflect a virus in our business culture that needs to be eradicated. Simple justice requires a lengthy sentence.” Do you think this 11 year sentence will help eradicate the insider trading virus in the U.S.? How many people do not end up getting caught making these kinds of shady deals? Obviously this type of crime is part of the reason for the Wall Street protests.
Raj Rajaratnam, 54, founded the Galleon Group, which paid a stiff $10 million fine as well as forfeited $53.8 million in ill-gotten gains.
Would you rather hang out with your friends or go to the bank?
Seriously which would you rather do? Go to the bank or hang out with your friends? It seems a bit of a no brainer doesn’t it? I don’t suppose that there’s one person in a million who would prefer to go off down to the bank, queue up and pay in a cheque. Whilst I can think of things that I would like to do less, like going to the dentist, but going to the bank branch is right up there with the things that people detest.
Hanging out with friends, though, is one of the most popular activities that people say that they spend their time. I can’t cite academically robust statistics to support my argument, but, anecdotally, hanging out with friends and family is simply the way that most people choose to spend their time. And I would be prepared to bet a large sum of money that there would be a strong data, amongst a statistically robust sample, to support the contention that the vast majority of people preferred hanging out with their friends to going to the bank.
Short-term help for workers and employers
TECH CORNER
If you’re an out-of-work Web developer, designer, illustrator or copywriter struggling to find long-term employment, short-term job service Tinyproj can help you stay busy and compensated until something more permanent comes along.
And employers needing temporary help can find what they need at Tinyproj as well.
Tinyproj is a startup e-mail service designed to connect mostly Web-based developers, designers, illustrators and copywriters with companies and individuals who need paid, short-term projects completed.
People looking for workers can fill out a form on tinyproj.com with their name, e-mail address and a brief description (fewer than 1,000 characters) of the project.
They’ll also need to list the budget for the project, which should be between $500 and a few thousand dollars, and when they need the project completed (ASAP to 21 days).
After selecting whether they’re looking for a developer, designer, illustrator or copywriter, prospective employers can submit their project for Tinyproj approval.
40% of SMEs paid three months late
Late payments are having a major impact on firms and will lead to business closures if it continues, according to small business group, ISME.
It said the “main culprits” of late payments are accountancy-led big business and the state sector.
The association has recommended that the Government introduce a Fair Payment Charter to ensure that larger businesses and state agencies do not abuse their market dominant position at the expense of small and medium-sized businesses.
Today, the Committee on Jobs, Social Protection and Education will discuss proposals to enhance the availability of credit for businesses.
Chairman of the committee Damien English TD, said: “Whether it is working capital or finance for one-off projects, it is important that business has access to credit.”
ISME said the average payment period in Ireland for smaller firms is 72 days, 42 days overdue.
Why Genetic Diagnostics is the Next Big Disruptive Technology
Healthcare makes up a full 20 percent of the American economy.
Accordingly, small changes in regulations or technology create massive opportunities.
Today, billions of healthcare spending is moving to a handful of new companies because of a single new technology: Genetic Diagnostics.
In the past 24 months, the cost of genetic testing has dropped dramatically, and the diagnostic business is booming.
Nearly all the traditional drug and healthcare companies are unprepared for this transition, and will see their businesses disrupted.
Why? Well, genetic diagnostics – when done right – offers a revolutionary value proposition.
Genomic information can indicate your susceptibility to diseases including cancer, diabetes, and cystic fibrosis.
And not only can genetic tests predict disease, they can also predict the effectiveness of common drug treatments, including pain and diabetes medications, and treatments for obesity and hypertension. The person just picked to lead the staff of the Memphis Area Association of Realtors is well schooled in the supply and demand of property. Melanie Blakeney’s first job after she graduated from the University of Oklahoma was as director of the historical museum in Norman, Okla. Of course, a focus of the Norman and Cleveland County Historical Museum was the Oklahoma Land Rush of 1889, when the government put 2 million acres up for grabs to those willing to settle the land. In this economy, there’s hardly a rush for property as the 49-year-old Blakeney takes over the Realtors organization effective Dec. 1. “The best thing we can do is …New staff leader aims to give Memphis Realtors tools for a tough market